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| We've had pretty compelling growth in that dividend throughout that whole time period |
| And a place like Kenya is going very well for us |
| And so I think that that's a good sign longer term |
| It produces the highest-quality cash flows that we see outside of the United States |
| That's a really good indicator that we're going to see higher levels of growth in the next couple of years from CoreSite |
| They've been great markets for us and they're going through a little consolidation churn and some headwinds, but we feel really good about the long-term nature there |
| So you keep that churn rate in the 1% range there with kind of a growing new business number with escalators tied right to inflation, it's a good backdrop for solid mid-single or better kind of growth rates over multiple years |
| That's based on the strong demand, the strong pricing, the strong returns and EBITDA and AFFO growth that we're seeing there |
| So when you think about us and the potential for edge computing on a tower site, I think well beyond just wireless carriers benefiting from that |
| And Africa could be a compelling growth contributor for us in the years to come |
| that we can continue to grow and see really good results |
| And I do think there's room, even on the upside from there, based on the capital that we've deployed and record levels of new business that we've signed in the last couple of years, which I think everyone recalls us talking about |
| So we are very pleased with the CoreSite acquisition |
| And the combination of a high equity and a strong balance sheet is what will make us competitive and successful when and if M&A comes up in the next few years, which we think there will be some interesting catalysts to growth at that point |
| In this current environment, the way we look out at AFFO per share, we think the growth algorithm is really well intact for us |
| So that paints a very compelling backdrop over many years in terms of good carrier investments in 5G which will keep us in that roughly 5% average organic tenant billings growth |
| And Europe has now become not only a much bigger part of our business, it's a highly developed, high-quality cash flow generator for us, but it has phenomenal growth in a very well-developed market |
| When it came available, we executed on it and we're seeing very good results year-over-year from that now in Europe |
| And we were really pleased with the contract terms and conditions that we were able to negotiate with Telefonica on a big set of assets in really key markets |
| looks really good for us and all the carriers are participating in that activity |
| But we do believe that that will lead us to future growth, that having a strong balance sheet, a well-executed and run business model globally will drive our equity share price to the highest level possible |
| We are seeing very compelling top line growth rates in local currency |
| And Brazil is in a really good spot, bringing three carriers to the forefront |
| So that we expect that this is a good sign kind of going forward |
| So that is really good |
| We are well on track for that and have been for the last several years |
| We've seen our interconnection growth rates higher in terms of being up in the upper-single-digit area |
| So the algorithm is there and I think we have a really nice portfolio |
| There was a time when we were delivering double-digit AFFO per share growth |
| And then with those two pieces, it's able to attract the highest-quality corporates to use these facilities |
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| It may not reach double-digits in the next couple of years, it certainly isn't this year and it didn't last year with the rotation and interest rates and a few collections challenges we have in India, some FX headwinds, those things have been burdened some for us for a few years |
| But candidly, it's probably a few years away for that region to get through that Oi churn and get through some other kind of carrier difficulties that we're seeing that might be holding even the gross growth down a little bit at the moment |
| Risks around the economic situation within a country, the FX and currency volatility that we may see |
| And the churn issue that we're dealing with today, most notably is the Oi churn down in Brazil |
| But with that said, the other headwind in Africa has been currency fluctuations |
| One of the highlights there that I would raise is that our capital that we're investing across the globe is coming down a little bit from where it was in 2023 |
| Can you talk a little bit about what's baked into that outlook, because I think it raises maybe some eyebrows, some question marks just considering, I think, overall softer activity that we've heard on calls from some peers |
| We have had higher levels of churn in that market than we'd like to see |
| And a lot of that is going to be the headwinds of that Oi churn that we need to work through in Brazil |
| There was a slowdown last year |
| We are seeing a slight tick down in revenue that is coming from inflation-based escalators |
| If pretax REIT income is not growing, then our dividend may not grow |
| business is not a bad thing |
| Not all of our markets are places we want to put more money in today because of some of the inherent risks that can ebb and flow |
| That's why we've been seeing our churn rates a little bit lower on the spectrum |
| So we're in other regions, we see higher levels of churn |
| We see consolidation churn and those sorts of things |
| And even some levels of churn that end up happening |
| In this rising interest rate and interest rate uncertainty, and kind of the dislocation between private and public equity prices, M&A hasn't been as active |
| One thing about the data center business is the revenue and earnings growth that you get off of investments can be a couple of years delayed, unlike in the towers, where it's a little bit quicker |
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